If you are looking to buy an apartment in Bengaluru or any other part of Karnataka, the state’s apartment ownership act is an important piece of legislation that you need to look into. Before making a strategic investment in real estate, you must learn about the laws governing it so that you can make an informed decision without any hesitation.
Here’s what you should know about the Karnataka Apartment Ownership Act, 1972.
An Act to provide for the ownership of an individual apartment in a building and to make such apartment heritable and transferable property and for matters connected therewith.
“Property” means the land, the building, all improvements and structures thereon, all owned in freehold or held on lease or as occupant under any law relating to land revenue and all easements, rights and appurtenances belonging thereto, and all articles of personal property intended for use in connection therewith, which have been, or are intended to be submitted to the provisions of this Act.
Status of apartments
Each apartment, together with its undivided interest in the common areas and facilities appurtenant to such apartment, shall for all purposes constitute heritable and transferable immovable property within the meaning of any law for the time being in force in the State.
Ownership of apartments
- Each apartment owner shall be entitled to the exclusive ownership and possession of his apartment.
- Each apartment owner shall execute a Declaration that he submits his apartment to the provisions of this Act and a Deed of Apartment in relation to his apartment in the manner prescribed for the purpose.
Common areas and facilities
Each apartment owner shall be entitled to an undivided interest in the common areas and facilities in the percentage expressed in the Declaration.
Compliance with covenants, bye-laws and administrative provisions
Each apartment owner shall comply strictly with the bye-laws and with the administrative rules and regulations adopted pursuant thereto, as either of the same may be lawfully amended form time to time, and with the covenants, conditions and restrictions set forth in the Declaration or in the Deed to his Apartment.
Encumbrances against apartments; removal from, encumbrances, effect of part payment
Subsequent to recording the Declaration as provided in this Act, and while the property remains subject to this Act, no encumbrance of any nature shall thereafter arise or be effective against the property.
Common profits and expenses.– The common profits of the property shall be distributed among and the common expenses shall be charged to, the apartment owners according to the percentage of the undivided interest in the common areas and facilities.
Disposition of property; destruction or damage
If within sixty days of the date of damage or destruction to all or part of the property, it is not determined by the Association of Apartment Owners to repair, reconstruct or rebuild, then and in that event-
a) the property shall be deemed to be owned in common by the apartment owners
b) the undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of the undivided interest previously owned by such owner in the common areas and facilities
To read more, follow the link.
Anupriya Dharma is a writer with journalistic experience of over 4 years in print, social and new media. She was a content specialist for corporates and instrumental in various digital media establishments.